Peter Schiff highlights Bitcoin's disappointing performance against gold over the past 6 months: “Momentum has changed”

Renowned economist Peter Schiff A significant divergence in the performance of Bitcoin BTC/USD and gold over the past six months, a trend he says is largely overlooked.

What happened:Voicing his views on his official Youtube channel, Schiff highlighted that while Bitcoin has seen an 8% decline over the past six months, gold has risen by 23%. He emphasized this divergence, stating that it indicates a shift in momentum as Bitcoin is losing ground against gold.

He further argued that the narrative that Bitcoin will overtake gold or match its market cap seems even more unlikely now, given the significant growth in gold's market cap compared to Bitcoin.

The Bitcoin critic acknowledged the leading cryptocurrency’s big gains so far this year — around 36.33% at the time of writing — but argued that most of the gains were made in the first two months, thanks to the spot ETF hype.

“So if you didn’t buy it in early January, you have no gains. In fact, the vast majority of people who bought Bitcoin this year, either directly or through an ETF, are losing money,” Schiff argued. “On the other hand, almost no one who bought gold is losing money.”

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Why is it important?Schiff's views on Bitcoin have been controversial in the cryptocurrency community.

Bitcoin supporters have criticized him for creating small time windows of his own choosing to highlight the currency's weaknesses and exaggerating the performance of the assets he supports, especially gold.

Last month, Schiff reiterated his skepticism towards Bitcoin, stating that he has yet to hear a compelling argument that would change his stance. He stated that he has an open mind, but that he has not found any solid arguments that refute his stance or influence him to act differently.

Given these views, Schiff's latest tweet appears to further underscore his belief in gold's outperformance versus Bitcoin.

Price actionAt the time of writing, Bitcoin was trading at $57,657.50, down 1.60% over the past 24 hours, according to Data from Benzinga ProSpot gold was trading at $2,491.98 an ounce, down 0.46%.

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Disclaimer: This content was produced in part with the assistance of Benzinga Neuro and was reviewed and published by Benzinga editors.